46A-1-33. Pledge of revenues to secure payment of bonds.

186 words·~1 min read·/sd/title-46/chapter-46-1/46a-1-33

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the district shall have the power to provide that bonds issued under this chapter, subject only to the prior payment of the operation and maintenance expenses of any project, shall be payable from and secured by a pledge of and lien on all or any part of the income and revenues derived from, and to pledge and assign to, or in trust for the benefit of, the holder or holders of bonds issued under this chapter all or any part of the income and revenues derived from:

(1)Fees, rentals, and other charges as may be established by the district from persons using or being served by, or having the right to use or the right to be served by, or to operate, any project; and

(2)Rentals from any facility or building leased to the United States of America;

(3)Payments or obligations of any public entity or person pursuant to a financing agreement authorized by § 46A-1-49 .